Study On M&A Behavior Of Chinese Listed Companies Under The Background Of All-share-trading Reform

Merger and Acquisition (M&A) of the listed companies is always the focus and topic in the capital market. As the global industrial upgrading and the economic integral whole turn of acceleration, a world wave tide of M&A will roll up in lately. The China listed companies, which have the most economic vitality will therein play an important role. Because of the special background of share separately in our stock market, the merger reorganization of China listed companies always have the characteristics and limits of themselves, and it is big different from the merger existence of western business enterprise. But after the reform of share splitting ,which have meaning of row the ages, the merger behavior of the listed companies will immediately take great change.This article takes western business enterprise merger theories as instruction, based on Chinese special system background of stock right splitting. It has carried on a comparative analysis of the behavior pattern, which China listed companies express before and after the reform of share splitting. This paper is concerned with the M&A of motive, target, form, list price, income etc. explaining the influence of merger behavior pattern which changed with the mechanism. Furthermore, it has predicted the behavior characteristics of our listed companies and the development trend of M&A in all-tradable environment in China. Finally, the text has put forward respectively suggestion to the related participants in the merger market, such as the listed company anti- procure strategy, the governor lawmaking strategy and the investment strategy for the investor etc.